After hours of intense negotiations, the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) ended with a climate finance goal where developed countries are to provide $300 billion annually by 2035. However, this is far from what the developing countries need, and once again brings global climate gridlock into the spotlight.
The notion that developed countries should finance climate action in developing nations while also ramping up their own mitigation efforts (such as taking the lead in phasing out fossil fuels and reaching net zero emissions faster) is accepted in principle, but has proven contentious to implement across COPs. The developed world continues to use fossil fuels to meet most of its demands and has no plans of reaching net zero before mid-century. The deadlock has remained a recurring theme at climate negotiations, and COP29 was unsurprisingly no exception. The powerful fossil fuel lobby, especially the oil and gas lobby; the developed world’s heavy reliance on fossil fuels; the re-election of climate change deniers; and the differential impacts of climate change across the globe (with the developing world more likely to be impacted than others) are all challenges that hinder reaching a consensus.
While global consensus and funding remain elusive, local and national actions are making tangible progress. The hullabaloo around COPs from “non-parties” is less crucial than the need to drive action on the ground. India deserves praise for already taking steps in the right direction. Moving forward, sustained efforts in emissions mitigation, mindful consumption aligned with Mission LiFE, a greater emphasis on developing resilient infrastructure and communities, and implementing effective heat action plans to address extreme heat will be essential.
